Press Release: Colorado Landmark, Realtors Wins International Marketing Contest

Boulder, CO – Colorado Landmark, Realtors is proud to announce it is the recipient of a Leading Real Estate Companies of the World® Marketing Contest Award. The award was presented March 10 at the 2011 Leading Real Estate Companies of the World® Conference at The Cosmopolitan of Las Vegas, an event that attracted 800 real estate brokers, managers, relocation professionals, sponsors and guests from across the U.S. and eight countries worldwide.

The award-winning entry in the Business Cards and Letterhead category was chosen based on creativity, quality and overall presentation and effectiveness. 

“We are delighted to recognize the member real estate firms that have showcased outstanding marketing, branding and promotional activities,” said Robin LaSure, LeadingRE vice president of corporate marketing. “Winning companies have distinguished themselves by providing useful information to home buyers in sellers in compelling and memorable ways.”

“We work hard to make sure our advertising and marketing materials represent what our company stands for – integrity, quality, excellence, expertise and service to our clients and community. We have been the Boulder area’s most powerful resource for distinctive properties since 1977,” states Pam Metzger, Director of Business Development for Colorado Landmark.

Colorado Landmark also received recognition for being a Peak Producer (sending one of the highest quantity of outgoing revenue-generating closings), the Million Dollar Club (for multiple referrals with an actual sales price of $1 million or greater) and the Momentum Club (for improving our company's Outgoing Referral Fee Split by at least two split levels from 2009 to 2010).


Colorado Landmark, Realtors is the local representative of Leading Real Estate Companies of the World®, the largest network of 600 premier locally-branded firms producing $250 billion in annual home sales. LeadingRE provides a broad range of brokerage services to its affiliates, including lead generation, branding support, luxury marketing through Luxury Portfolio International, web exposure and technology systems, and state of the art learning and credentialing.

For more information on Colorado Landmark, Realtors visit http://www.coloradolandmark.com/ or call 800-737-MOVE.

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About Leading Real Estate Companies of the World®
Leading Real Estate Companies of the World®  is the largest network of top independent local and regional brand-name brokerage firms in the residential sector of real estate. The 600 firms affiliated with Leading Real Estate Companies of the World® are represented by 5,000 offices and 150,000 associates in more than 30 countries worldwide. The organization's leadership is demonstrated by the fact that its affiliates comprise six of the top 10 real estate companies in the country. Collectively, LeadingRE affiliates produced nearly 1 million home sales valued at $250 billion in the U.S. in 2009. In addition, LeadingRE affiliates hold the Number One position in terms of sales or volume in more of the top markets than any other organization.

Credit Scores - What it Means, Why it is what it is, How to Change it!

The broker associates and staff at Colorado Landmark were fortunate to have Kevin Teel (303-920-1052 office) from ABC Financing come and speak on the topic of credit scores.  In his capacity as a mortgage lender Kevin is often faced with having to help clients decipher their credit scores, and as such has become somewhat of a local expert on the topic!  Here is a summary of some of the things he spoke to us about ...

What IS a Credit Score? 
It is a number between 350 and 850 that represents what tradeline organizations (credit cards, lines of credit, store accounts, lenders, etc ....) think your credit and transaction history represents.  The higher the score, the less risk it will be for them to extend you further credit.  "Perfect credit" right now would be a score of 740.  The highest score Kevin has ever seen was an 823!

Who are the Credit Reporting Agencies, and Who Uses their Info?
There are 3 agencies that track your credit - Equifax, Transunion and Experian and each of them has a file on anyone who has ever been given credit. Each organization has their own secret formula for calculating your score.  A mortgage lender will get an overall picture of your credit worthiness by pulling scores from all three agencies.

How to have a GREAT Credit Score!
Make all of your payments on time, and have a good payment history.  Be aware though that if you have a late payment and are assessed a late fee, it is not necessarily reported to the credit bureaus. Have low balance ratios.  Example: if the card limit is $1000, a low balance ratio would mean you owe 33% or less than that, or $333 or less on that card.  Anything over a 65% balance ration will raise a red flag with your lender.  Have a reasonable # of tradelines open - Kevin mentioned that FIVE is a good number.  A mortgage, car loan, student loan, and 2 credit cards is an example of good combination.

What Other Things Affect Your Credit Score?
When you open up a new credit card account, your credit score could take about a 30 point hit initially, until a your payment and usage history can be determined.  When your mortgage lender pulls your credit report you will NOT take a credit hit.  However if you start talking to several lenders and there are more than 3 credit report pulls in less than 2 weeks your score may be reduced by 10 points per pull.  Usage on your debit card does NOT report to your credit score.

If you are taken to collections on something, this will definitely have a negative effect on your score.  If you are able to resolve the issues the creditor does have the ability to call the credit bureaus and have the item removed, you just have to convince them to do it!  The more credit applications you make, the more hits your score will take.  It usually takes 30-60 days for your credit score to be adjusted for these types of things.. 

If you have been involved in a foreclosure on a home mortgage your score likely take about a 200 point hit.  As far as the lender is concerned, being 120 days or more late on your mortgage affects your credit the same as a foreclosure.  Being involved in a short sale affects your score less - check with your lender or financial advisor about the specifics for you.

If you are applying for a mortgage DON'T do anything until your loan closes that will affect your score, like buying a boat, applying for new credit cards, renting a summer home, etc...  These are all things Kevin has seen clients do that ended up affecting their ability to close their loan and/or the rate they got!

Why Worry About Your Credit Score?
More and more orgagnizations we deal with on a regular basis are pulling our credit scores to get an idea of the kind of people we are - employers and prospective employers, insurance companies, car dealers, mortgage lenders, landlords, department stores, etc....  Did you know that a good credit score can make a difference in up to $100/month on insurance premiums?  Your credit score will also determine the interest rate you get on your mortgage, which of course you want to be as low as possible!

How Can You Establish Good Credit, and Help Your Kids Establish Credit NOT Debt?
Get a secured credit card from a bank or credit union.  Credit unions are especially great in working with young people.  Ask the tradeline that you use if they report to the credit bureaus, and if they don't, request that they do.  Gas cards are easy to get.  Put your child on one of your existing credit cards or lines of credit, but make sure the limit is low and they know that it is still your account!  Their credit will get "credit" too for the usage.

Stop applying for credit if you want to improve your score!  Close accounts you do not use, but keep a minimum of 4 lines open even if you don't use them.  Don't close the older more mature accounts as this history really helps you.

Find Out Where YOU Stand!
You have several options here.  You can go to each of the credit bureaus independently and get reports, or you can go to http://www.experian.com/ and order your Personal Three Bureau Credit Report and Score.  There is a fee for this.  To see your report only but not your score for free, go to http://www.annualcreditscore.com/ and get one report per year free.

As a disclaimer we will say that we at Colorado Landmark are NOT credit experts.  Please contact Kevin Teel or your preferred lender, or one of the 3 credit reporting agencies to verify statements made in this post, or to answer any questions you may have on this topic.

Thank you Kevin for the great class!

Energy Efficient Homes and the SAVE Act, by Liz Benson

With permission from the author Colorado Landmark associate Liz Benson please enjoy Liz's recent article/blog post on the Elephant Journal on the SAVE Act and energy efficient homes.

We all know that energy efficient homes save money for their owners – money they can use to more easily pay their mortgage and maintenance costs. Current mortgage underwriting guidelines, developed in the 1940′s, don’t take this into account. They ignore the potential hundreds of dollars in savings that an energy efficient home can provide, compared to an inefficient home. Better information about the full costs of home ownership should include not only the principal, interest, taxes and insurance, (known as PITI) but also the energy cost. The idea is to revise these outdated credit policy decisions by the federal mortgage programs (Fannie and Freddie Mac) which guarantee more than 90% of all new mortgages. This will allow home buyers to more easily qualify to purchase an energy efficient home, set rules for appraisers to value energy efficient improvements, thereby encouraging builders to include them because they will get paid for any additional up-front costs.


The SAVE Act (Sensible Accounting to Value Energy) is championed by Senator Michael Bennett (D – CO) and supported by home builders as well as energy efficiency advocates. For more


And while you are at it, check out a zero energy home in Frazer Colorado, designed by a friend of elephant, Bryan Bowen.

This article authored by:

Liz Benson, Broker Associate
Colorado Landmark, Realtors
http://www.boulderliz.com/

Top Ten Sales - Boulder/Broomfield Counties - January 1-15, 2011

Modest improvement ... deals but no steals ... new companies sniffing around the Boulder-Longmont-Broomfield corridor ... those are the words on the street.  "Colorado is expected to add 10,100 jobs in 2011, with most sectors showing some growth," according to economist Richard Wobbekind of the University of Colorado.  Most area experts think that Colorado's economy will track with the national economy and show slow, steady growth over the next year.

The holidays are always a slow time for home sales, and this year was no exception.  But there is some pent up demand and we are seeing that start to trickle into 2011. 

Approximately every other week Colorado Landmark provides detailed information on the real estate actvity in Boulder and Broomfield Counties from the past two weeks. Hopefully our analysis will help reveal what properties are selling, at what prices, how long they are are taking to sell, and other relevant information about what's going on in OUR local area - Boulder County and Broomfield County.

For the two week period from January 1 through January 15, 2011 here are the numbers:

•85 properties sold (compared to 96 for same period in 2009)
•Price range of properties sold during this period: $43,000 - $2,109,000
•Median price: $300,000
•Average price: $420,907
•$0-199k = 22 sold this period
•$200-299K = 19 sold
•$300-399k = 14 sold
•$400-499k = 8 sold
•$500-599k = 6 sold
•$600-699k = 4 sold
•$700-799k = 4 sold
•$800-899k = 2 sold
•$900-999k = 0 sold
•$1.0-1.9M = 5 sold (none sold during this same period 2010)
•$2.0M+ = 1 sold

Top Ten Listings Sold during this period:

Information obtained from MLS and public record.

It never ceases to amaze me that each period's Top Ten numbers reveal an obvious trend or relevant market statistic.  This period the disappointing news is that our area is definitely seeing negative appreciation in the upper price brackets.

All but one of the homes in this period's list sold for over 80% of their original asking price, which in this market actually isn't that bad for these upper bracket price categories.  The home on Old Tale sold for an embarrassing 50% of the original asking price, and it took over 700 days to do it!  My guess is that if this had been priced in the $1.8-2.2M range it would have sold quicker, and the owners would not have left so much money on the table.  Someone really missed the mark on that one!

But the real story here is the negative appreciation.  Six of the ten homes on the list sold for less this month than they did in previous years from 2003 to 2007.  That time period was our boom, when buyers were scrambling to find good properties, willing to pay anything, and realtors were just taking orders.  We live in a "new normal" now as one of our associates said to me the other day.  Homeowners can't assume that their housing is going to be a big money-making investment, and realtors need to provide more analysis and be willing to turn down a listing opportunity if the seller can't be realistic about the pricing.

The takeaways here for me are the following:

• If you know you will be somewhere for the long haul, then buy what you want, where you want.  But if there is a chance your plans could change in 5 years or less, avoid the higher price points and buy something that would be more widely appealing and attainable to a larger population of buyers.
• Also, if you have a home priced over $700,000 you can expect the market to continue to be quite slow for a while and/or you may not recoup your original purchase price in today's market. Some folks might even have to wait until 2014 for that.
• There is still a market for homes over $1M, especially in the $1-1.5M range, so if you can price your luxury home in that zone you might do well!

Finally, some shameless plugs for our company ... Colorado Landmark, Realtors represented buyers and sellers on 4 sides of the above 10 transactions (or 20 sides total) and we were the only company to participate in more than one transaction on this list.  Also, kudos to Colorado Landmark broker associate Michelle Clifford for selling her listing at 6487 Cherry St.  She priced it well and it sold for 86% of the original asking price, not bad for a property over $2M, and it sold in a year, which is to be expected for a property of this caliber and price point.  Congratulations Michelle!

Pam Metzger
Director of Relocation and Business Development
Colorado Landmark, Realtors
800-737-MOVE
http://www.coloradolandmark.com/  
www.facebook.com/COLandmark  
www.facebook.com/365ThingsBoulder

The Boulder-Denver Economy, OUR Nation and YOUR Real Estate - Part I

Any good real estate agent or relocation professional should stay on top of national economic news as well as news at their local area, and at Colorado Landmark, Realtors that's just what we try to do every week.  Last week I had the privelege of attending the Rocky Mountain Relocation Council's Fall Conference held at the Arvada Center. 

The first guest speaker was Dr. Scott Anderson PhD, Senior Economist at Wells Fargo Bank, based in Minneapolis.  His words about the state of our nation's economy and what that means for real estate on a national level didn't exactly bring smiles and fist-pumping enthusiasm to the room of about 75 real estate, mortgage, and mobility professionals.  A few brief highlights from his speech:

• The housing market will continue to underwhelm in the foreseeable future
• We are enduring one of the worst recessions since the Great Depression
• Overall loss of wealth during this 2.5 year period is $17 trillion, representing 20 years worth of savings
• 14% of mortgage holders are not making their payments
• The Chicago Mercantile Exchange is predicting national declines of 5% in housing prices
• The pipeline of foreclosure properties is still filling
• We currently have the highest federal deficit since World War II
• A national sales tax could be coming, as well as cut backs in Social Security

And that was the good news ... just kidding!  There really WAS some good news, but the question is, is that news good enough to sustain our economy going forward?  That remains to be seen.  Some positive notes from his speech:

• Corporate profits always lead job growth ... and they are now above pre-recession levels
• In Q2 2010 business spending grew 25%, which is not sustainable, but some measure of double-digit growth IS
• 1.5-2.5% growth in the national economy is predicted for 2011; when this number goes over 3% it will be enough to have a meaningful impact unemployment

Stay tuned - later today or tomorrow we'll post some notes from the other conference speaker, Cheryl Meyn from Denver's The Genesis Group who gave detailed economic info on our 7-county Denver Metro Area.

Pam Metzger Director of Relocation, Business Development and Finance
Colorado Landmark, Realtors
www.facebook.com/COLandmark
www.twitter.com/COLandmark 
www.facebook.com/365ThingsBoulder

Top Ten Sales - Boulder/Broomfield Counties - Sept 19-25, 2010

Our area's real estate market is still somewhat flat (yes, even in Boulder/Broomfield) but homeowners are bombarded by conflicting national news reports and statistics that make it difficult to discern what is really happening in OUR area. At Colorado Landmark, Realtors we are committed to knowing the local market and giving our clients and friends the most up-to-date and accurate information possible.

To that end, about every other week Colorado Landmark provides detailed information on the real estate actvity in Boulder and Broomfield Counties from the prior week. What is selling, at what prices, how long these properties are taking to sell, and other relevant information about what's going on in OUR local area.

For the week of September 19-25, 2010 here are the numbers:

•63 properties sold (up from from 58 properties 2 weeks ago)
•Price range of properties sold during this period: $46,000 - $1,019,000
•Median price: $310,000 (down from $290,000)
•Average price: $348,849 (down from $364,332)
•$0-199k = 15 sold this week
•$200-299K = 16 sold
•$300-399k = 11 sold
•$400-499k = 10 sold (up from 5 last period)
•$500-599k = 2 sold
•$600-699k = 5 sold (up from 2 last period)
•$700-799k = 1 sold
•$800-899k = 1 sold
•$900-999k = 1 sold
•$1.0-1.9M = 1 sold
•$2.0M+ = 0 sold

Top Ten Listings Sold during this period:

Information obtained from MLS and public record.

This week's statistics illustrate a depressing fact - today's selling prices have reverted to 2000-2001 levels in many cases.  And homeowners who purchased later than 2006 may not break even selling in today's market.  With transaction costs and seller concessions, this means that some sellers may even have to bring a check to the closing table - ugh! Activity in the upper echelon of the market has slowed down, after a fairly decent summer of sales in the $1.0-1.9 million range.  And as reported last time, if your home is priced in the $700-999k range, be prepared for a tough go. Homes in this "move up" price range are a difficult sell.  Consumers concerned about unemployment may not be willing to risk a leap now, despite the lowest interest rates in history.

The statistics illustrate the glaringly obvious fact that overpricing your home can be a devastating financial mistake.  The three properties above with the highest days on market are also the ones with the most drastic price reductions.  The property on today's list that was on the market for over 1900 days sold for 43% of the original list price.

Pricing is THE only way to compete in this market.  Sellers should consult no fewer than three real estate professionals for price opinions ... and list with the one who tells the hard, honest truth.  This is not a time to let anyone blow sunshine in your face about the price of your home.  Sorry Gordon Gecko, but in this market greed is NOT good.  The only explanation for 1900 days of market time is greed and a very poor pricing strategy.

Here's your takeaway for the week - price positioning.  Set a market price for your home and it will sell.  Case in point - the second property on the above list.  The seller knew they were not going to be able to sell for the price they purchased the property for in 2007, so they didn't even try.  They priced it to sell, and it did ... in 5 days.  Be that seller - realistic, brave, and smart.

Pam Metzger
Director of Relocation and Business Development
Colorado Landmark, Realtors
800-737-MOVE
www.coloradolandmark.com
www.facebook.com/COLandmark
www.facebook.com/365ThingsBoulder

Top Ten Sales - Boulder/Broomfield Counties - Aug 22-28, 2010

There is volatility in the real estate market right now, and an abundance of conflicting news reports and statistics that may be confusing to buyers and sellers. At Colorado Landmark, Realtors we are committed to knowing OUR local market and giving our clients and friends the most up-to-date and accurate information possible.

To that end, periodically we are highlighting the week's real estate actvity in Boulder and Broomfield Counties, to let you know what is selling, at what prices, and how long these properties are taking to sell.

For the week of August 22-28, 2010 here are the numbers:

• 81 properties sold
• Price range of properties sold during this period: $89,500 - $2,495,000
• Median price: $290,000
• Average price: $432,480
• $0-199k = 19 sold this week
• $200-299K = 21 sold
• $300-399k = 12 sold
• $40-499k = 9 sold
• $500-599k = 5 sold
• $600-699k = 5 sold
• $700-799k = 1 sold
• $800-899k = 0 sold
• $900-999k = 2 sold
• $1.0-1.9M = 4 sold
• $2.0M+ = 2 sold

Top Ten Listings Sold during this period:

Information obtained from MLS and public record.





The message this week is pretty obvious - if your home is priced over $1 million and not priced correctly for the market, it is going to take a REALLY long time to sell!  The average days on market (DOM) for homes in this category for this week is 596 days, with 565 days to offer.  That is astounding in itself, but what is even more astounding are the drastic price reductions off of original list price.

It doesn't take a rocket scientist to look at the chart and see that the five homes with the longest DOM are the five homes with the most drastic price reductions, from 30% all the way up to 61% off original list price.  If that is not a call to action for sellers, I don't know what is!!

There is only one way to make sure that your luxury home doesn't take 600 days to sell and that is by employing what is called Price Positioning.  Take a look at other relevant active listings and price your home competitively as close to the bottom of that range as you can tolerate.  This plainly is not the time to be greedy.  Be the first home that a buyer in your home's category wants to look at.  If your price is compelling the buyer won't want to leave the house without making an offer for fear that someone else will buy it first.  Here's your takeaway for the week - Be THAT seller.

Pam Metzger
Director of Relocation and Business Development
Colorado Landmark, Realtors
303-443-3377
@pmcolorado
www.facebook.com/COLandmark

Musings on Pricing, Sellers and Housing – Boulder and Beyond, Part II

In Part I of my musings I talked about real estate as housing, but a discussion about real estate is not complete without some reference to home prices.

Recently IRES (our local area MLS) had a True-False question on the home screen. Bank-owned homes sell at market prices. True or False? Surprisingly over 60% of respondents (who are realtors by the way ...) chose False. Serious hmmmm. Where is the logic in that? When a home sells for a price, that price reflects what a buyer in the market is willing to pay for that home. Isn’t the price a buyer is willing to pay in essence the “market price”? True! Bank-owned homes DO sell at market prices, and one could even say that they set the trend for prices in a given area. Bank-owned homes and the much dreaded “shadow inventory” will likely set market prices in virtually all areas of the country, and certainly in Boulder County, for at least the next 12-24 months. Sellers, are you listening??

The first time home buyer and move-up home buyer tax credits will expire shortly, and will most likely not be extended. The time to act is NOW, for both buyers and sellers. Buyers, get off your fences. You have between today and April 30th to get under contract on a home purchase. You must close before July 1st. Sellers, slash your prices or gird your loins for the upcoming storm. You have between now and April 30th to get your home under contract before one or all of the following things happen: tax credits expire, interest rates jack up, scores of bank-owned homes hit the market greatly affecting pricing (NOT to your benefit), mortgage markets tighten up again, and home prices in our neck of the woods take a much feared double dip. All of these things could happen, making it a “perfect storm” of trouble for home sellers, even in Boulder and Broomfield Counties.  We are not immune here, despite what some would like to think.

Colorado Landmark, Realtors is committed to matching home buyers and sellers at market prices. To this end on April 10th and 11th we are participating in the Nationwide Open House Weekend and having a “Tax Break Home Sale”. We are working with many of our home sellers and have successfully reduced asking prices on some of our existing inventory by 3% or more! Just in time to get a home under contract before the April 30th tax credit deadline. These discounted homes will be held open Saturday and/or Sunday, April 10th and 11th.

Colorado Landmark, Realtors is at the cutting edge, setting the market in Boulder and Broomfield Counties, and beyond. Check out our Open House schedule at http://www.landmarkopenhouse.com/ on RELO Homesearch, at our company website Open House page, and in the Boulder Daily Camera real estate section both April 10th and 11th.

Hope to see you at one of our open homes!  Please contact me if you have thoughts or questions about the tax incentives for 1st time and move up buyers.  I welcome your feedback.

Pam Metzger
Director of Business Development and Relocation
Colorado Landmark, Realtors
twitter = @pmcolorado
pam@coloradolandmark.com

Musings on Pricing, Sellers and Housing – Boulder and Beyond, Part I

Back in the early 1990’s my husband and I tried to buy our first home in Southern California. That market was experiencing some challenges at the time, and we thought we would be able to swoop in, and snap up a great house with no money down using our VA loan. We made at least 4 low-ball offers without success. One home was offered at $215,000, we offered $185,000 and the seller countered back at … $215,000. His rationale? That was the price he “had” to get in order to make any money on the deal. Ultimately we weren’t successful in purchasing a home in SoCal. Good thing! Within a couple months my husband’s company offered him a transfer to Boulder, CO and we have happily been here ever since, and have indeed been homeowners.

But a few things from that time in our lives have stuck with me. One was an article I saw in the LA Times back then that lambasted sellers who have what they called a “gotta get” mentality. “I have to get $300k for my home, or I can’t buy my replacement home.” Or “I’ve got to get $450k for my home because, if I don’t, after my mortgage and transaction fees I won’t break even.” Or “I have got to get $275k for my home because that is what I paid for it 6 years ago.” Guess what sellers – WHO CARES??? As a buyer I could CARE LESS about your situation, what you owe, what you paid, and what YOU think your home is worth. As the home’s current owner, yours is the most biased opinion possible! What matters to me are MY housing needs, MY budget, and what your home is worth to ME.

Something else that stuck with me was a conversation we had with a friend of my parents, Dr. Alan Kreditor. At the time he was the Dean of the School Urban Planning and Development at the University of Southern California. Very Smart Guy. His wife Marcia was also the real estate agent assisting us in our home search. At a gathering one night we expressed frustrations about our home search – we were very concerned about resale and not paying too much, exasperated by unreasonable sellers, our inability to find the perfect deal. Time for the tough love. He said some things we will never forget.

Here they are, here are your take-aways from this post ... You can’t always look at a home purchase as a money-making venture. This is housing – this is where you will eat, sleep and dwell, with your family, pets, belongings, etc… When you quit looking for what you THINK is the perfect investment and start looking for a place to LIVE, you will find the right home. When you sell this property in the future maybe you will make money on the deal, maybe you won’t. You have to ask yourself … Did we enjoy living here? Was it affordable for us? Did it compliment our lifestyle? Did we feel safe here? Did we create lasting memories in this home? A profit on the deal is the icing on the cake. This is housing. Period.

Stay tuned for Part II and what my company and I are trying to do to ensure that our buyers housing needs are met, and that our sellers come to terms with current market dynamics.

I whole-heartedly welcome ANY and all comments on my musings! (Because of course that is what they are … MY musings. However Alan Kreditor is a really smart guy so take (my recollection of) his words for what they are worth, which is substantial, IMO.)

Pam Metzger
Director of Business Development and Relocation
@pmcolorado
pam@coloradolandmark.com
303-443-3377

Luxury Home Sales in Boulder May be Tough - Colorado Landmark Still Boulder's Luxury Leader, since 1977

While attending the Leading Real Estate Companies of the World conference in Las Vegas last week, I was asked to speak on a panel about The Luxury Portfolio Fine Property Collection, the Luxury marketing division of LeadingRE. I shared the benefits of being a member of this exclusive group - not every Leading RE member company is also a member of Luxury Portfolio.  In fact, Colorado Landmark, Realtors is the only Luxury Portfolio member company on the entrire Colorado Front Range!  This means that Colorado Landmark currently has exclusive access to all of Luxury Portfolio's myriad of marketing tools and resources for your luxury home.  I don't love public speaking - but it was easy to talk about the benefits of this affiliation that I feel so lucky to be a part of.

What this means for you as a seller is that we have complete and exclusive access to an entire incredible world of luxury real estate marketing resources and tactics at our fingertips. Our Luxury Portfolio affiliation is comprised of a network of individual independent real estate firms whose sales over $1M exceed those of every other luxury franchise in the world, including Christie's, Sotheby's, and Regents.

If you choose to list your luxury home with any of the incredible, experienced agents here at Colorado Landmark, Realtors, you are in effect listing your property with an entire worldwide network of independent luxury brokers. Your luxury listing will be placed on the award-winning and beautiful http://www.luxuryportfolio.com/ website which is viewed by users in over 200 countries per month in nine different languages. Your property listing is also automatically added to the Wall Street Journal’s real estate page on http://www.wsj.com/ and HGTV’s http://www.frontdoor.com/ . 

We have always been known as Boulder’s Luxury leader – for the past 35 years, Colorado Landmark has maintained a significant share of the luxury real estate transactions in Boulder and the surrounding areas.  In fact, in 2009 as a company Colorado Landmark sold over $43M in high end (over $800k) and luxury properties.  When compared to realtors at other local Boulder/Broomfield area companies, broker associates at Colorado Landmark sold more luxury properties per agent than any other brokerage in town! 

Let's be honest - the current economy has made things tough for home sellers, especially those with homes to sell in the upper echelons of the price spectrum.  And the tough times don't appear to be going away, and our area may even see a double dip in housing prices, which aren't expected to recover until perhaps 2013-2014.  So in a tough market why take a chance with selling your most important asset, your home?  If ever there was a time and situation to work with a trusted expert, this is it.  No other real estate company is better positioned than Colorado Landmark with the necessary connections, expertise, resources and experience to sell your luxury home.

Jennifer Fly

Broker Associate

Colorado Landmark, Realtors

(303) 443-3377

jenniferfly@coloradolandmark.com

Twitter: @jenflycolorado

Part 2 - State of the Real Estate Market in Boulder - Words for Home Sellers in Boulder County

This is Part II of a 3-part series. Stay tuned for Part II!

Part 2 - Mortgages, Prices and Interest Rates

While there is hope that the government's Making Home Affordable Program for loan modifications will help, the current numbers indicate that of the 3 million people that requested help in 2009 only 31,000 received permanent modifications. In short, at this time the program is doing little to stabilize home ownership.

While we don't want our clients and friends to panic and overreact, we do want to make sure that all of our Colorado Landmark listings are priced correctly for today's market. If you want or need to sell your home, waiting out the market is NOT the right strategy. Ken Hotard, senior vice president of the Boulder Area Realtor Association, thinks that the worst is likely over, but home sellers cannot expect a quick recovery. "Jobs are still a problem," he said. "Until we see job growth there will be no significant recover in the housing market." Phyllis Resnick, lead economist for the Center for Colorado's Economic Future, projects that unemployment in Boulder-Broomfield will hit 7.1% this year and "It's going to take us close to five years to recover," to pre-decline levels. Boulder Valley's high-end real estate market (homes priced over $1.0M) will continue to lag behind in 2010.

On January 8, 2010 the Wall Street Journal reported on the Fed's plan to stop buying mortgages by the end of March 2010. The article quoted Ronald Temple, portfolio manager at Lazard Asset Management, who sees mortgage rates rising by a percentage point when the Fed stops buying. A withdrawal of government support, combined with high unemployment and rising mortgage foreclosures, could push home prices down 20% he said. What does that mean for you as a homeowner? If you are waiting for the market to improve, don't hold your breath, unless you can hold it for about 4 years! Price your home to sell now, before home prices slide any further.

All this being said, real estate continues to be one of the best long term investments out performing the Dow, S & P, and the Nasdaq over the past 10 years. We are encouraging our clients to buy now before interest rates spike up, and do so quickly.

Stay tuned for Part III!

Part 1 - State of the Boulder Real Estate Market - Essential Words for Home Sellers in Boulder

This is Part I of a 3-part article. Stay tuned for the sequels!

Part I - INVENTORY

Colorado Landmark, Realtors is proud to approach 33 years in business in Boulder and Broomfield Counties, and we are filled with gratitude for the wonderful clients we have been fortunate to work with throughout the years. While our nation and our community faces many challenges, those of us who are fortunate to live in this area have many blessings to be thankful for.

We hope market conditions will improve over the coming months. Regardless of what happens we must make thoughtful decisions based on the way things are and what can be best projected for the future. If you are selling a home, Colorado Landmark's primary focus is to see that your property is sold in the next 120 days for the highest and best price. Locally in 2009 over 68% of properties in our area sold with a market time of 120 days or less. If your property has been on the market for more than 120 days you need to seriously visit the market activity and reconcile that with your pricing strategy. To wait and "test the market" almost always guarantees a lower sales price, longer time on the market, and fewer dollars in your pocket when you walk away from the closing table.

Inventory in Boulder and Broomfield Counties declined over the last 24 months by 11-20% depending on the area, yet we still have 6-7 months worth of active properties on the market as of today, and that is if NO new listings are added. According to historic trends, a market with 5-6 months of supply is considered a "normal" market where prices hold steady, while markets with 7-8 months of supply experience single digit depreciation. As of today Boulder and Broomfield Counties have 6.7 months of inventory on the market, meaning that our markets will be luck to show any small amount of appreciation this year. Prices will likely stay flat.

The bigger issue looming is the mountain of foreclosed properties that banks have held (7 million units across the US) that will be released to the market starting in the first half of 2010 that will put even more downward pressure on home prices. There is clear evidence of a contagion discount effect on neighborhood pricing trends due to the impact of nearby foreclosures. In Boulder and Broomfield Counties there are many bank-owned properties which have not hit the market yet.

George Feiger, chief executive officer of Contango Capital Advisors, expects housing prices in our area to continue to fall as more foreclosed homes come on the market. Foreclosures also should rise, he said, not only because of unemployment, but from strategic defaults - people walking away from mortgages that are deeply underwater.

Stay tuned later this week for Part II - Foreclosures and Mortgages!

Boulder Real Estate Professional Dave Scott Inducted to Colorado Ski & Snowboard Hall of Fame

Colorado Landmark, Realtors is proud to announce that one of our own was recently inducted into the Colorado Ski & Snowboard Hall of Fame at recent induction gala event on November 9th, 2009 in Vail, CO. David Scott, Boulder real estate professional and BrokerAssociate with Colorado Landmark, Realtors since 2006, was honored for his many contributions as a sport builder for the ski industry in Colorado. (Link to press release here.)

David began ski racing in Pennsylvania at the age of 11. His passion for that beautiful fluffly cold white stuff led him to the University of Colorado Boulder, and on to coaching opportunities with youth racers and even a Junior National Team. His commitment to the sport of ski racing continued with AMF/Head in Boulder where he was Director of Racing, responsible for all of Head's worldwide amateur and professional racing programs.

For over 10 years David and his wife Gretchen owned and operated Chivers Sports in Boulder, one of the most highly respected ski shops in the country at that time. The Scott's sold their store in 1987 and over the last 15 years David has been a consultant to many ski industry companies as well as a key member of a management team for a new resort in Idaho.

David brings the same passion to Boulder real estate that he has for skiing. He and 3 partner broker associates have formed The Scott Team. David and his team work with buyers and sellers at all price points throughout Boulder County, and David has even sold property in Port Grimaud, France! To learn more about David, his associates, expertise and listings check out his website at http://www.boulderrealestateinfo.com/ .

Colorado Landmark, Realtors is very proud to have David Scott and The Scott Team as part of our Boulder area real estate family. Congratulations to David on his Colorado Ski & Snowboard Museum Hall of Fame induction!

David Scott

Broker Associate

Colorado Landmark, Realtors - The Scott Team

http://www.boulderrealestateinfo.com/

News You Can Use - Tax Credit, Unemployment, Boulder Housing Market

If you read my blog you know that I will give you the straight scoop - no sales pitch or baloney here! If you dare, read on ....


As long anticipated, the House and Senate have both approved an extension to the homebuyers tax credit of 2009. The credit will now be extended to April 30, 2010. First time homebuyers will get a credit up to $8000 depending on income level, and veteran homebuyers who have been in their home for at least 5 years can receive up to $6500 depending on income level. The original tax credit was set to expire November 30th. Every realtor in the country is now going to be emailing their clients saying "now is the time!" Is it??


This IS good news for homebuyers who want to keep some cash in their pocket after their purchase. The other good news is that interest rates are still at near-record lows. I researched rates in Colorado today and for a $250-299k conventional loan with no points borrowers can get rates between 4.75-5.125% with varying fees. A jumbo in the $500-549k range will be at 4.875-6.4% with varying fees.


The bad news is that unemployment figures continue to be discouraging. At the national level CNN reports that we hit 10.2% in October 2009, the highest level reached since 1983 and indicating 22 straight months of declining employment. Worst case forecasts for the first two quarters of 2010 are in the 10.5% range. Among the hardest hit sector are teens ages 16-19 whose rate rocketed to 27.6% in October. Teens now have to compete with adults for jobs in industries like food service and retail, typically dominated by the teen demographic. Obama has signed a bill allowing the jobless to receive up to an additional 20 weeks of unemployment benefits which is sure to help out many households, even in our relatively stable and affluent Boulder area.


In Colorado we are hovering around a 7.0% unemployment rate. The state's unemployment figures for October will come out on November 20th. In our immediate area, for September 2009 Boulder County was at 5.5%, Broomfield County was at 6.6% and Weld County was at 7.5%. Some major area employers (IBM, Sun) have announced pending layoffs but it is unclear how many of them will come from our area. And of course our white knight Conoco Phillips is scheduled to bring jobs to our area but the initial build-out of 2012 is suspect, and could be pushed out by a couple years. That's a chicken we can't count until it hatches!


The term "jobless recovery" is being thrown about, but how our nation or our local economy can experience a real recovery without putting more people back to work is beyond me.


All that bad news being said, in Boulder (MLS sub-area 1) median home prices remain stable in the low-mid $500k range. Louisville (MLS sub-area 2) median home prices have jumped all over the place, ranging from $310-425k over the course of 2009 so far, coming in at $$324k in October. Longmont is steady in the low $200's. Superior is a robust market seeing median home prices range from $342k all the way up to $675k! Proximity to transportation, employment, open space, good schools, etc... continue to bolster the Louisville-Superior area's housing market.


So ... to buy or not to buy ... Speaking from purely my own opinion if you have some confidence about your employment situation and intend to stay in your house more than 2-3 years then this really IS the time to buy. And that's honestly not realtor-speak, because I am not one! The late fall-winter selling season typically gives buyers the least amount of inventory to look at, but the most negotiating power. The combination of the tax credit and crazy-low interest rates makes this a perfect storm for you (in a good way). If you have dreams of becoming a fix and flip artist though, think again. Probably too risky given that we don't know exactly where housing prices are going to go.


If you are a seller, consider putting your home, or keeping your home, on the market this winter. Yes, there are fewer buyers, but those in the market are serious. Relocation buyers (job transfers, life changes, etc...) are still out there too in addition to the local prospects. And your home will look so pretty decorated for the holidays! BUT (and there is always a "but") these buyers are going to be looking for a deal, if not a steal. If you want top dollar for your home then frankly don't list it. (And expect to wait until around 2014 to get your price! again, my opinion)



As a seller, if you have some room to negotiate and just want out, then price it fairly given it's condition, age, and location. Offer a buyer something for "free", like a view, or landscaping. How do you do this? Price it similar to a recently sold home or another currently listed home that perhaps didn't have your location backing to open space, or your soothing backyard pond. This way the buyer thinks they are getting a freebie. Let go of that "gotta get" mentality and the ego that compels you to want to get more than your neighbor did for their home. This is not time to worry about stuff like that. I have trained many of my agents on "price positioning" and we are seeing great results.


Stay tuned for more information and insights from Colorado Landmark, Realtors - your Boulder and Front Range experts.



Pam Metzger
Colorado Landmark, Realtors
pam@coloradolandmark.com
twitter = @pmcolorado

Fall Maintenance Tips for Your Home

Fall is officially here in Boulder, with our first true chill in the air! October in Boulder is beautiful and there is always something going on - school events, sports activities, CU Buffs games, and Halloween to name a few things. Don't get so busy with the fall fun that you forget stay on top of a few important home maintenance "to do's". Whether you are staying put for the time being or you are sellling your home and trying to keep it comfortable and in great showing condition be sure to make time for the following:

• Trim trees and remove dead branches. Bad weather and the high winds we sometimes experience here in the Boulder area can cause weak limbs to break, damaging property or causing injury. Consult a professional tree service for large jobs.
• Reduce energy costs by lowering the thermostat on your hot water heater to 120 degrees F.
• Make sure caulking around windows and doors is adequate to reduce heat loss.
• Replace the filter on your furnace and schedule routine maintenance with a qualified heating contractor.
• Change the batteries in your smoke and carbon monoxide detectors - time this to correspond with switching your clocks back in the fall, and then forward in the spring so you won't forget!
• Clear out gutters and downspouts on the exterior of your home to prevent the build-up of leaves and debris that can impede the flow of rainwater and cause water damage.
• Check your chimney for birds nests or other debris especially if you have a wood burning fireplace, and make sure the chimney cap is in place. Call a chimney sweep to perform maintenance.
• Be aware that mice will try to start coming in from the cold, especially if you live in or near a rural area, field, park or open space. There are numerous ways to trap mice, humane or otherwise. You will find many choices and expert assistance at McGuckin Hardware, Boulder's go-to place for pretty much everything since 1955.
• Consider repainting or staining and sealing your exterior doors to protect them from rain, snow, ice and wind. A $10 can of paint or sealant could go a long way to prevent damage to an expensive door.
• Cover your patio furniture, outdoor grill, portable firepit, etc... or move into storage.
• Drain and store your garden hoses, and have your sprinkler system blown out to prevent damage to pipes in freezing weather.
• Pull your refrigerator away from the wall and vacuum the condensor coils to prevent damage to the motor.
• Check your dryer exhaust tube and vent for built up lint, debris, birds nests, etc...
• Clean out your whole house humidifier and replace filters before heating season starts.
• Be prepared for weather related emergencies such as high winds, tornados, blizzards, or flooding. Organize survival kits and review an emergency escape or protection plan with your household.
  

Have a wonderful fall and enjoy everything our beautiful area has to offer this season!

Pam Metzger
Director of Business Development and Relocation
Colorado Landmark, Realtors
pam@coloradolandmark.com
303-443-3377

Not Too Late - $8000 Free $ for your First Home!

69 Days and Counting! It is not too late to take advantage of the government $8000 tax credit for first-time homebuyers. The Boulder market continues to stay strong, and well priced homes in Louisville and Superior are going under contract in a matter of days. Interest rates have never been better, and Federal Reserve Chairman Ben Bernanke has announced that his findings indicate that the recession is "very likely over".

RealTrends reports that nearly 40% of first-time homebuyers said they would not have bought a home if the federal tax credit for first-time homebuyers was not offered, according to the California Association of REALTORS® (C.A.R.) "2009 First-time Home Buyers Tax Credit Survey." Supporting that theory, the IRS recently released a report indicating that approximately 1.4 million taxpayers have filed (or amended) their 2008 income tax returns claiming the $8,000 first-time homebuyer tax credit. This is basically in line with NAR's projections that about 1.8 million taxpayers will ultimately claim the credit during this first round.

Buyers have to close their home purchase transaction prior to December 1, 2009 but there is still time left if you can act quickly and have a knowledgeable real estate professional and a reputable lender. Associates at Colorado Landmark, Realtors can help you identify a suitable home quickly, help you find the right lender, and we will do everything we can to get the transaction to close before the December 1st deadline.

The National Association of Homebuilders has a great Frequently Asked Questions web link regarding this landmark government program. Check this out and then call me here at Colorado Landmark, Realtors and I will be happy to connect you with a real estate professional who can help you in the neighborhoods you are interested in. Good luck! 69 Days and Counting!

Pam Metzger

Director of Relocation

Colorado Landmark, Realtors

pam@coloradolandmark.com

303-443-3377

Important New Carbon Monoxide Detector Law

Effective July 1, 2009, the State of Colorado is requiring carbon monoxide detectors in many homes due to the passing of House Bill 1091 which was signed into law in March by Governor Bill Ritter.

The new law requires that sellers/landlords of homes or apartments provide carbon monoxide alarms near bedrooms, if the home has the following:

• a fuel-burning heater or appliance;
• fireplace; and/or
• attached garage.

Mobile and manufactured homes also are covered by the law. Landlords are required to install these devices any time there is a new tenant occupying a rental. The new law also applies to the construction of a new home or upgrades to an existing home. Alarm installation costs approximately $30.00.

Carbon monoxide is an odorless, tasteless gas that is very toxic and kills hundreds of people every year. Protect your family and make sure you have a properly working detector in your home!

For more information, feel free to contact your Colorado Landmark Realtor.

Posted by:

Jennifer Fly

303-443-3377

jenniferfly@coloradolandmark.com

Twitter: @jenflycolorado

New Lending Regulations May Affect Your Boulder Area Home Sales

We all know that the real estate market and the mortgage industry has been going through many changes. With past mortgage fraud leading to an all-time high number of foreclosures, the government is taking measures to prevent deceptive lending practices and ensure that buyers are better protected and informed. In 2008, the Home Ownership and Equity Protection Act (HOEPA) and the Housing and Economic Recovery Act (HERA) were passed by Congress, and the Federal Reserve Board published new regulations under the Truth in Lending Act. In addition, Fannie Mae and Freddie Mac adopted the Home Valuation Code of Conduct (HVCC), which will take effect July 30, 2009. These new regulations will affect several aspects of real estate closings.

• Lenders are now required to use an appraiser from a national pool of independent appraisers from around the country. In the past, lenders maintained longstanding relationships with local appraisers, and were sometimes able to influence the values in order to secure financing, which led to some appraisals being inaccurate. The intention of this new regulation is to put more separation between the lender and the appraiser to ensure fair, accurate appraisals. In reality, it also means that the appraiser who is evaluating a property may not be experienced in that specific market. Before the appraiser is scheduled to come to appraise a house, Sellers should have any documentation about the house that might be helpful in the valuation – receipts for work they have had done, a list of improvements they have made and special features about the house. This will help an appraiser who is less familiar with that area deliver the most accurate evaluation possible.
  
• Buyers are now required to receive a copy of their appraisals no less than 3 business days prior to the closing of their loan. The intention of this rule is to make sure they have ample time to review the appraisal and fully understand the value of the property they are purchasing.
  
• The earliest any home purchase transaction can close is 7 business days after the homebuyer is issued his or her initial Truth in Lending disclosures from the lender. These documents are typically given to a buyer at the time of the application, but if the buyer and lender don’t meet in person, the requirement allows extra days for mailing (e-mailing isn’t currently an acceptable form of delivery). Again, this insures that Buyers have time to review all the documents.
  
• Upfront fees that have been typically collected at the time of application can no longer be collected until the Truth in Lending disclosures are received, and the same rules apply as stated above – there needs to be time built in to allow for mailing of these disclosures unless the buyer meets with the lender in person.
  
• And lastly, any increase in more than .125% in the APR from the initial Truth in Lending disclosures (which can happen for a number of reasons, including a change in the loan amount, an un-locked rate or a re-lock in a rate, changes to fees, etc.) requires the disclosures to be re-issued and received by the buyer at least 3 business days before closing.
  

Ultimately, what this all means for buyers and sellers is that parties need to allow ample time between contract and closing to address all these issues. Working with a knowledgeable, experienced Realtor who is up to date on the latest rules will ensure that your transaction is structured appropriately to avoid any closing delays due to these new regulations. At Colorado Landmark, Realtors we strive to be up to date on the latest industry issues to provide exceptional customer service to our clients.

This article contributed by:
Jennifer Fly, Broker Associate
Colorado Landmark, Realtors
303-302-8823 (office)
jenniferfly@coloradolandmark.com
www.twitter.com/JenFlyColorado

Yet ANOTHER Potential Deal Breaker – Loan Locks, Buyer Credits and Escrowed Funds

In the last week our office has dealt with yet another new challenge in residential real estate sales. Two of our transactions have been at risk of complete derailment due to the increased lender “stickiness” that many people are experiencing in this market.

Consider these scenarios – you have a willing buyer who goes under contract on a property and locks in their loan rate for 45 days. You have a willing seller who has agreed to undertake some major home repairs in order to get the deal to close. With the two cases our office is dealing with, one transaction involves the replacement of an entire septic system to the tune of $18,000. In a second separate transaction it is some major roof repairs that will top out at $25,000.

In both transactions the sellers determined that it would not be possible to have the major repairs/installations completed by the scheduled closing date. So what? The obvious solution is to push the closing date out so that the work is completed prior to the sale. But this means the buyers would lose their loan rate locks. No surprise that since rates have increased neither bank would extend the buyers’ loan lock past the original 45 day time period! In both cases the sellers generously offered up several options: 1) credit the buyers with cash back at closing for the agreed upon estimated full cost of the work; 2) escrow funds at closing sufficient to cover all costs with any remainder going back to the sellers after the work is completed; or 3) reduce the purchase price prior to closing by an agreed upon estimated amount for the full cost of the work.
This time 2 years ago, or even last year, most lenders would not have had any issues with any of the above options. Not so now! In the case of the septic system, the lender would not allow the credit or the escrow of funds, but would allow the sellers to reduce the purchase price. In the case of the major roof repairs, the lender won’t allow any of the options, so the buyers and sellers are still trying to work out a way to get the deal done. The current option on the table is for the sellers to begin repairs prior to closing and pay the contractors “as they go”. At closing the contractors will provide written estimates of the remaining work and the sellers will put appropriate funds into escrow so the contractors will be paid that remainder upon completion. We’ll see how this works out. Speaking from personal experience, all of these options created a great deal extra stress for the sellers.

What’s going on here?? Why are lenders sabotaging these deals?

The crux of the story here is that the lenders have us by the “huevos”, meaning that realtors have to be proactive with their buyers and sellers. What advice and assistance can we offer clients in these types of scenarios? How do we earn our keep?

• For buyers, get the longest loan lock possible from your lender. Do the research ahead of time to find a lender that is willing to be flexible should a situation like this arise.


• For sellers, make every effort to get work done prior to closing. Start immediately getting bids, estimates and work scheduled within the timeframe of the contract. Have a pre-inspection done prior to listing the house to identify major issues that might come up. Repair what you can ahead of time.


• For realtors, make sure you have strong working relationships with several good reputable lenders. If you represent the buyer make sure you communicate their loan lock situation to the seller’s agent so that all parties know the time constraints. For your sellers, encourage them to do pre-inspections and repairs prior to listing. Make sure you and/or your office have good resources for contracting - companies that you refer business to often that will give your clients top priority scheduling, reliable estimates and timely service.

It’s easy to blame the lenders for the challenges of our new real estate world, and maybe they do deserve it (ummm, maybe?). But the reality is that, like it or not, realtors have to operate within constantly changing economic and market parameters. It is our job, no … our RESPONSIBILITY to be informed, to be knowledgeable, and to be proactive problem solvers for our clients at all times. THAT is how we add value and justify our existence in this new world. A Colorado Landmark Boulder real estate agent has the knowledge and resources to successfully help you navigate through these tough issues.

This article contributed by:

Pam Metzger

Director of Relocation and Business Development

pam@coloradolandmark.com

303-302-8839 (office)

www.twitter.com/pmcolorado

Boulder MISSED the List - Say it Ain't So!!

Kiplingers Personal Finance Magazine just published their list of 2009 Best Cities, with the tag line that this year “It’s all about Jobs”. Well in this economy isn’t that the truth!!

I took a look at this list expecting to see one or more Colorado cities at the top and was shocked that none of our Colorado home towns made the list! Kiplingers’ numbers guru, Kevin Stolarick, evaluated 361 U.S. cities for their growth potential; he looked not just at the overall number of jobs, but also at the quality of those positions and the ability of cities to hold on to them when the economy softens. Employment here in Colorado, and Boulder in particular, has held pretty steady during the current economic downturn, so … I decided to look at the study a little closer and find out why we didn’t make the list.

The top ranked cities (in order) were Huntsville, AL, Albuquerque, NM, greater Washington DC/MD/VA area, Charlottesville, VA, Athens, GA, Olympia, WA, Madison, WI, Austin, TX, Flagstaff, AZ, and Raleigh, NC. Since Boulder in particular is often likened to several of these cities I wanted to see how we compared on each of the individual ranking areas.

Allbuquerque, Washington DC, Madison, Austin and Raleigh are all much bigger metropolitan areas compared to Boulder, which I think is a plus for Boulder. Who wants the fight the DC area beltway traffic everyday? You can get from one end of Boulder to the other in 15 minutes even at peak commute times. Score one for Boulder.

The statistic that really should have put Boulder on top is the % of Creative-class Workers. According to Kiplingers, creative-class workers -- scientists, engineers, educators, writers, artists, entertainers and others -- inject both economic and cultural vitality into a city and help make it a vibrant place to live. Compared to the top ten ranked cities, and all of the other Colorado cities that made the study, Boulder is second only to the greater Washington DC area for % of Creative-class workers, while the DC area’s population over 18 times bigger than Boulder’s!! Boulder shows 43.4% Creative-class Workers as compared to 43.6% in DC, a scant difference. That to me is amazing. The next closest city on the top ten list was Huntsville with only 39.7%. Clearly there is a significant brain trust that chooses to make their home beneath the Flatirons.

Median household income was the next statistic used in the rankings. Clearly a high median household income is indicative of local salary levels, which is a huge draw for people wanting to reside in any city. Again, Boulder was second only to Washington DC in this category – Boulder’s median household income reported at $63,064 compared to a whopping $81,163 in Washington DC. The next highest median household income was in Madison, WI at $58,090 and Denver was at $58,039. Madison is another college town, with UW often compared to CU in terms of the type of educational experience for students, quality of instruction, college town atmosphere, etc…

Four year salary growth was also used to compare the cities, and again Boulder ranked higher than all but one of the top 10 ranked cities. Boulder’s rate was reported at 12.0 while Olympia reported an astounding 22.0! Wonder when everyone will start moving to Washington State?? The next closest city to Boulder on the top 10 list was Hunstville with 9.7. Elsewhere in Colorado, Fort Collins made an impressive showing at 13.6, while big sister Denver reported in a lackluster 7.0 and Pueblo a dismal 4.7. Interestingly, there were some cities that appeared on the top 10 list, like Charlottesville, that reported only marginal salary growth at 4.8. So why in the heck isn’t Boulder on the top ten list – it should be!!

Not so fast … there was one remaining statistic that, in my opinion, was the killer for Boulder, and that was the Cost of Living Index. If 100 is the baseline, then Boulder reports in at a daunting 124. This means that goods and services costing $100 in places like Greeley, CO, Athens, Madison and Raleigh will cost you $124 in Boulder. Boulder being 24% more expensive is nothing to disregard casually, especially when it comes to housing. With an average single family home price of $725,617 in April 2009 in the City of Boulder, and $459,714 in Boulder County, living here sure ain’t cheap! However, not surprising is that the greater Washington DC area has a cost of living index of 138! Guess living near all of those fancy politicians has its price. Hmmm – would I rather live near the Flatirons, or the White House? Gee … tough choice … not!

What does all of this mean? In my humble opinion Boulder should have made Kiplingers’ top ten list. Three of the four statistics clearly place us on this list, if not at the very top. One factor that wasn’t included in the study, probably because it is too subjective, is quality of life. There are reasons that all of those Creative-class Workers choose to live in Boulder – yes salaries and salary growth are motivators to be sure. But the fact is that we live in a truly incredible place – astounding natural beauty, abundant and varied close-in recreational opportunities, vibrant downtown, great mix of local and nationally branded shopping, award winning restaurants, and a top ranked school system. Kiplingers, you really missed the boat on this one – Boulder should have made your top ten list. People in Boulder don’t need to read Kiplingers to know this, and maybe now they won’t bother to read it at all!

This article contributed by:

Pam Metzger

Director of Relocation and Business Development

Colorado Landmark, Realtors

pam@coloradolandmark.com

303-302-8839 (direct)

www.twitter.com/pmcolorado